| Features Of ADB Gold
Drive & Obligations Of Parties |
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This is designed to meet special needs of targeted clients of the
bank such as Salaried workers and Executives,business houses,farmers such as
oraganized cocoa farmers who require facilities for the acquisition of new
vehicles for and properties.
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Target Groups |
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The Motor loan facility is targeted at middle to top level management personnel
and professionals of both public and private institutions to enable them to
acquire Brand New Vehicles.
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it is also targeted at professionals such as farmers,fishermen private medical
doctors and consultants who do not receive regular salaries but generate
considerable turnovers to meet their loan repayment obligations over the given
loan period.
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Corporate bodies and institutions which wish to assit their management and
executive staff to acquire their personal (brand new) vehicles in their
individual capacities.
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Key Qualification Criteria
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The client may be an existing customer of ADB or a prospective client who
intends to keep income or salaried acounts with ADB after the loan is approved.
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50% of his or her net take home pay should not be les than ¢2,500,000 per month
if purchasing a motor car or ¢1,000,000.00 if purchasing a motor cycle.
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In calculating the above,clients are allowed to add back all other incomes such
as consultancy, directors fees, fuel and entertainment allowances etc(with
supporting documents)
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Must have a clean repayement record with ADB or with previous Bank.
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Must have attained the minimum age of 21 years.
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Must be in a permanent and grainful employment
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Must have a fixed known (residential address)
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Must be prepared to take a loan protection insurance policy to indemnify the
Bank againest loan loss
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Financing Limit |
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Customer would be required to make a minimum deposit of 10% (25% for ADB
Business Drive)of the final determined price of the vehicle (Inclusive of
VAT,cost of registration,comprehensive and loan protection plans)
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Whiles ADB provides up to 90% (75% for ADB Business Drive)of the final
determined price of the vehicle
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Loan Period
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Between 12 months (1 year) to maximum of 60 months (5 years)
For ADB Business Drive : Between 12 months (1 year) to maximum of 36
months (3 years)
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Interest Rate
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ADB base rate (Currently at 18%) +3% (subject
to review and negotiations at the discretions of the Bank)
For ADB Business Drive :ADB base rate (Currently at 18%) +1% (subject to review
and negotiations at the discretions of the Bank)
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Final Approval of Facility
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| ADB reserves the sole right to determine
the eligibility of the client, the loan amount and final terms of the loan
facility.This shall be done at the nearest local branch of the Bank and/or the
Approval Authority at Head Office.
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Account linkages and minimum
balance
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Current account with a minimum balance equivalent to one month of
motor vehicle loan instalment
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For ADB Business Drive :Current account with a minimum
balance equivalent to three month of motor vehicle loan instalment
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Availability of Vehicles
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| Motor Firm / Vendors to ensure that Vehicles
selected by prospective client are made available within 3 (three) months of
request
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Registration,Comprehensive
& Loan Protection Insurance
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Motor Firm / Vendors (with assitance from
ADB's Legal Department) shall ensure that all Vehicles are registered in the
joint names of Bank & the Client and the vehicle assigned to the Bank.
It shall ensure that the vehicle is insured comprehensively in the joint names
of the Bank and the client with the Bank noted as the loss payee.
Motor Firm or Vendor shall also arrange for the selected insurance
company to provide loan protection insurance to the bank.All related fees shall
be consolidated in the final cost of the vehicle.
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After Sales Support &
Warranties
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Motor firm / vendors shall provide the mandatory after sales service
including routine maintenance, warranty obligations
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